In need of a car loan NOW

[VegasTeo702]

My income is nowhere near his. That's probably why.

[StartingOver10]

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@VegasTeo702 wrote:

My income is nowhere near his. That's probably why.

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Vegas, I read your signature line of non-friendly BK lenders for a vehicle and I noticed Chase was in that line.

I have actually found them to be pretty good after a BK. I was discharged for two years before attempting to buy a used vehicle but it was financed through Chase at a very decent rate (7.14%).  Look at the rest of your file to see if there is something else preventing your loan besides the BK and your credit file.  Could be down payment or DTI.

[VegasTeo702]

"

Vegas, I read your signature line of non-friendly BK lenders for a vehicle and I noticed Chase was in that line.

I have actually found them to be pretty good after a BK. I was discharged for two years before attempting to buy a used vehicle but it was financed through Chase at a very decent rate (7.14%).  Look at the rest of your file to see if there is something else preventing your loan besides the BK and your credit file.  Could be down payment or DTI."

My DTI is 0. I have no debt. I pay each credit card off every month and my utilization is less than 30%. I do notice a lot of people approved for these loans have been discharged for 2 or more years. My discharge is 6 months. I guess my idea of BK friendly is any lender that will provide a loan to someone less than a year out of a BK. The older the BK, the better chance you have getting a loan. I'm surprised that it's so difficult purchasing an $11k vehicle with 0 debt. Talk about frusterating.

[LS2982]

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@nicholasc77 wrote:

Hello Everyone, This will be my first post here. I would love all your comments and replys. So on June 14 2012 I filed personal bankruptcy in the Eastern District of New York. Everything was overwheling and my business at the time was faling he is the information in the bankruptcy:

Mortgages: First Mortgage : 1,765,231.12 

                     Second Mortgage:245,987.23     

                     Home Equity Loan: 61,563.74

Credit Cards/Personal Loans

Amex 23,658.14

Amex 9,568.65

Bank of America 17,896.19 

Bloomingdales/DSNB 11,263.85 Wife 

Bloomingdales/DSNB 14,596.45 Me

Capital One 10,563.04

Capital One 5,496.87

Chase 31,569.12

Chase 12,368.67

Chase 24,165.32

Citi Cards 16,584.96 

THD/CBNA 27,895.23

Discover 3,596.42

GECRB/ Lord & Taylor 6,598.73

GECRB/ P.C. Richards & Son 9,785.61

GECRB/Lowes 12,695.74

HSBC/ Saks Fifth Avenue 18,456.28

HSBC/ Neiman Marcus 13,596.24

TD Bank - Touraneu Watch 9,854.19

Tiffany & Co 35,698.74 

Nordstrom FSB 7,459.86

Wells Fargo - Breast Implants 11,859.63

Car Loans/ Leases

2011 Mercedes-Benz E550 4MATIC Sedan - Leased : Surrended 

2011 Cadillac Escalade SUV Luxury AWD - Financed : Surrended Balance: $51,263.91

2012 Mercedes Benz C250 Coupe - Leased: Retained (Daughters Car)

Self - Employed : Check Cashing: Annual Income 2011 $483,560.00

I had to surrender personal assets such as wedding bands, rolex watch, furniture, piano, sub zero refrigator, wolf range, hunting rifles, cash, tiffany diamond, womens wearing apperal and much more. 

My Credit Scores now TU: 477 EX: 515 EQ 493 

Credit Cards: Capital One Visa : $2,000 , Credit One Visa $1,500

I need a car loan now because both of my cars were retained except for my daughters but my wife and i need a car Any help ? Please comment? Is therea chance of leasing 

Thanks So Much 

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All of that was IIB???

That is a lot.

[trumpet-205]

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@nicholasc77 wrote:

I know im very upset at the situation. I was lucky enough to have my father lease me a BMW 750i xDrive but thats for the wife. I mean buying myself at 2K I don't know if i can do that i mean with my wife everything is luxury and having a 2 million house with a 2,000 car wouldn't look nice . thank u for all u help i think im going to look at a 2009 cadillac escalade and pay cash 

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You just filed for BK. I don't know how much cash you have right now but driving luxury car should NOT be on your list.

Time to man up and drive a cheap $2K car.

[nicholasc77]

Well i want to keep up with the lifestyle i live and i was lucky to have my father sign for a car that im paying for and say all wa IIB 

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@trumpet-205 wrote:

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@nicholasc77 wrote:

I know im very upset at the situation. I was lucky enough to have my father lease me a BMW 750i xDrive but thats for the wife. I mean buying myself at 2K I don't know if i can do that i mean with my wife everything is luxury and having a 2 million house with a 2,000 car wouldn't look nice . thank u for all u help i think im going to look at a 2009 cadillac escalade and pay cash 

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You just filed for BK. I don't know how much cash you have right now but driving luxury car should NOT be on your list.

Time to man up and drive a cheap $2K car.

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[kimmiller112]

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nicholasc77 wrote:

Well i want to keep up with the lifestyle i live and i was lucky to have my father sign for a car that im paying for and say all wa IIB 

Your lifestyle is what has caused you to have to file bankruptcy in the first place.  You are living way, way beyond your means.  Who cares what other people think about you?  You need to cut back and start over, even if it means driving around a cheap $2000 car for a while.

[AZHeather]

I thought you said in a post last month that you already got approved for an Infinity?  How many times are you going to seek the advice of this forum about an auto loan when you keep getting the same response?  First you say you alreay got approved (9 days out of BK), then you say that you will just buy an Escalade - cash, then you say you have $1k to put down on something...which is it? 

[AZHeather]

If you filed BK in 2006, then again in 2012, then you really should be more concerned with what you can truly and honestly afford rather than what you need for "appearances".  It really becomes a question of ethics and morals when people rack up hundreds of thousand (or millions) of dollars of debt, file bk to get out from under it, rack up hundreds of thousands (or millions) again, only to file bk again - just to keep up with the Jones.

[Anonymous]

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@nicholasc77 wrote:

Well i want to keep up with the lifestyle i live and i was lucky to have my father sign for a car that im paying for and say all wa IIB 

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@trumpet-205 wrote:

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@nicholasc77 wrote:

I know im very upset at the situation. I was lucky enough to have my father lease me a BMW 750i xDrive but thats for the wife. I mean buying myself at 2K I don't know if i can do that i mean with my wife everything is luxury and having a 2 million house with a 2,000 car wouldn't look nice . thank u for all u help i think im going to look at a 2009 cadillac escalade and pay cash 

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You just filed for BK. I don't know how much cash you have right now but driving luxury car should NOT be on your list.

Time to man up and drive a cheap $2K car.

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+1000....Thank you for saying that for me.  I did not want to seem insensitive.  I feel very bad because there is so much wrong with the situation that I don't want to seem judemental.  However, everyone reading my post might want to purchase a copy of  "Your Money Ratios: 8 Simple Tools for Financial Security" ...Suze Orman can't touch this one.  Easy read and very practicle. 

Unfortunately, it has not sunk in yet.  You cannot afford a luxury car.  If you could, you'd get approved or pay cash.  Cognative Dissonance has not occured yet, where we realize that we've done something wrong and now we much change.  Stop worrying about what others think about you and be free of other people's opinion.